WASHINGTON (dpa-AFX) - American Water Works Co. Inc. (AWK) Wednesday reported an increase in profit for the first quarter, due mainly to higher revenues.
The Voorhees, New Jersey-based company reported first-quarter net profit of $41.75 million or $0.24 per share, compared to $26.23 million or $0.15 per share last year.
For the quarter, income from continues operations rose to $49.25 million or $0.28 per share from $40.70 million or $0.23 per share in the similar quarter last year.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter grew 3.7 percent to $618.55 million from $596.72 million in the prior-year quarter. Ten analysts had a consensus revenue estimate of $633.39 million for the quarter.
Looking ahead, the company expects full-year 2012 earnings in a range of $1.90 to $2.00 per share. Analysts currently expect earnings of $1.96 per share for the year.
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